HR, Payroll, Attendance Software › Forums › Lenvica HRMS › Ask a Question › Calculating Yearly Bonus for Employees

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    • Dilanka Sarkar
      Guest
      October 30, 2019 at 15:26
      Post count: 120
      #22107

      Hi,

      Please explain whether there is an option in the payroll software to calculate annual bonus of our staff. We pay bonus to our employees every year on September. Bonus period is from October of previous year to September of current year. We pay 8.33 per cent of cumulative basic of all the months in the bonus period. We are currently manually importing the calculated bonus figures to the payroll software.

    • Vineeth Jose
      Keymaster
      October 30, 2019 at 15:34
      Post count: 49
      #22117

      Hi Dilanka,

      Yes there is option to calculate annual bonus for employees in Lenvica HRMS payroll software. The bonus caclulated for each employee will reflect in the bonus reports you pull from the software. Bonus module has options to define custom period, custom formula to calculate bonus with option to select salary heads, restrict the maximum bonus, round off etc. Please check the page link below to learn in detail how you can process Bonus through Lenvica HRMS payroll software.
      https://www.lenvica.com/how-to-calculate-bonus/

    • Adeela Batool
      Guest
      October 30, 2019 at 15:40
      Post count: 120
      #22118

      We have hired one retired employee in our organization and paying Rs. approx. 15000 basic per month. Now he is claiming for bonus. Kindly suggest to me. and there is an age limit for bonus?

      • Nisa
        Keymaster
        October 30, 2019 at 15:48
        Post count: 13
        #22121

        Hi Adeela, Please be informed that there is no age limit for the payment of bonuses. As per your post, the employee is eligible for the Employee bonus. He is rightly claiming bonus from you if are paying bonus to other employees under the Payment of Bonus Act, 1965. read more at https://www.citehr.com/615229-regarding-bonus.html

    • Tony Lee
      Guest
      October 30, 2019 at 16:17
      Post count: 120
      #22122

      This is an amazing feature in the Payroll software which helps us calculate the bonus within no time. Our company has been using this feature for the past 5 years. Bonus is usually paid yearly to employees in our company. Lenvica HRMS makes it extremely easy to calculate Bonus for all our employees in a few clicks. It was a wonderful transition because previously we used to spent weeks to accumulate the payments given to our staff for the past one year and to find qumulative of basic pay and then to pay 8.33% of it as bonus. Further more there are enough reports available in Lenvica HRMS Payroll Software which help us distribute the bonus to the staff.

    • Andrew
      Guest
      October 30, 2019 at 17:46
      Post count: 120
      #22124

      Do we have to import the previous year’s each month salary heads to calculate the bonus?

      • Sujit Manoharan
        Participant
        October 30, 2019 at 17:59
        Post count: 11
        #22126

        Hi Andrews,

        It is not required to import the previous years salary values to calculate bonus. If you have already processed the salary for the previous year, then the values are already available and the cumulative of all the months included in the bonus period is available.

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